Plus: CPN, CCK and something stinks about the Allergan deal

LawrenceG. McMillan

The buy signals that were triggered a little over a week ago propelled the Standard & Poor’s 500 Index all the way through the widened trading range, and we are now approaching all-time highs once again.

Apple
AAPL, +1.72%
just reported strong earnings and is splitting 7-for-1. That has pushed the S&P 500 Index
SPX, +0.01%
futures up 10 points in after-hours trading. At that level, SPX would be within a mere five points or so of its all-time closing highs. The question once again is whether this is the end of the move or another leg higher on a breakout to new all-time highs.

The chart of SPX below shows both the “old” trading range (1,840-1,880) in red and the “new” trading range (after both a false upside breakout and a false downside breakdown) of roughly 1,810-1,900. The entir
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